KANSAS CITY, Mo. – GlynnDevins, a Kansas City-based marketing technology firm focused on seniors housing, has named Krystal Montague as its chief transformation officer. Montague will oversee and support the company’s integration of acquisitions and new processes. “We understand that as a leader we must maintain a progressive approach to evolve the products and services we deliver to our clients,” says Chris Egan, GlynnDevins’ chief executive officer. “We are growing both organically and through acquisitions.” Montague brings nearly 20 years of operational and marketing experience to GlynnDevins. Most recently, she …
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SilverPoint, Journey Capital Break Ground on 95-Unit Edition Senior Living in Saginaw, Texas
by Jeff Shaw
SAGINAW, Texas — SilverPoint Senior Living, a senior living management company, and Journey Capital, a seniors housing development company, have broken ground on Edition Senior Living in Saginaw, less than 10 miles north of Forth Worth. The property will feature 22 independent living cottages, 54 assisted living units and 19 memory care units on a 6.1-acre site. According to the developers, it will be the first assisted living and memory care community in Saginaw. This marks the fourth collaboration and partnership between SilverPoint and Journey Capital.
B’nai B’rith Housing Completes Second Phase of The Coolidge at Sudbury Affordable Community in Massachusetts
by Jeff Shaw
SUDBURY, Mass. — B’nai B’rith Housing has completed Phase II of construction at The Coolidge of Sudbury, an affordable housing community for seniors in Sudbury, located midway between Boston and Worcester. The project added 56 new units to the project, bringing the total number of units to 120. The rental apartments have one bedroom and are between 675 and 700 square feet. The new building includes common space and amenities, including a meeting room, library, fitness center and offices for a property manager and a resident service coordinator. Prior to …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has appointed Clifton J. Porter II to its board of directors. Porter currently serves as senior vice president of the American Healthcare Association/National Center for Assisted Living (AHCA/NCAL), where he is responsible for leading and executing the association’s policy and legislative agenda impacting both the skilled nursing and assisted living sectors. Porter has over 31 years of experience in the long-term care profession, starting in operations as an administrator in training in 1989, ultimately leading to the oversight of multiple …
Greystone Provides $23.8M HUD Refinancing for Courville Assisted Living Portfolio in New Hampshire
by Jeff Shaw
MANCHESTER, BEDFORD and NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The borrower is The Courville Company, which owns the communities: Courville at Manchester in Manchester; Courville at Carlyle Place in Bedford; and Courville Nashua & Aynsley in Nashua. Lisa Fischman, vice president in Greystone’s New York office, originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. “An IRR is …
BREWSTER, Mass. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Wingate Residences at Brewster Place, a skilled nursing facility in the Cape Cod town of Brewster. Elevation paid $4 million for the 121,000-square-foot property. Initial construction of the facility began in 1973, with an expansion completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to reopen the property as an affordable senior living community, rebranded as Serenity Apartments at Brewster. “The need for …
The seniors housing industry continues to face new challenges as a result of the COVID-19 pandemic. But there are reasons for hope. A recent survey conducted by marketing and client acquisitions firm LeadingResponse showed that 90 percent of prospects are still considering moving into seniors housing. Over 60 percent felt they had a good understanding of the costs of seniors housing and the programs available to make it more affordable. The survey, sent out in September, polled more than 2,000 seniors and their adult children who had already expressed an …
Capital Senior Living to Turn 18 Communities Over to Fannie Mae to Reduce Debt by $217.7M
by Jeff Shaw
DEER PARK, Texas — Capital Senior Living Corp. (NYSE: CSU) has completed the transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s non-recourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all …
MCLEAN, Va. — Sunrise Senior Living has announced the departure of Chris Winkle, the company’s CEO for over six years. The company’s Board of Managers has started a search for a replacement, with Winkle assisting in the efforts. A reason for the move was not disclosed. “This is certainly a bittersweet announcement, but the board and I have mutually agreed the time is right for me to transition from this role,” says Winkle. “I have never had more pride in an organization than I have this past year, seeing Sunrise …
EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …